SEBI has barred US-based Jane Street Group from participating in the Indian stock market and ordered it to disgorge unlawful gains of ₹4,843 crore for allegedly manipulating stock indices through derivative positions.

The lawsuit alleged that the traders had stolen a “ highly valuable, unique, and proprietary ” trading strategy, which was quickly revealed to revolve around India’s booming options market. Jane Street and Millennium settled the lawsuit in December, but judging from SEBI’s report it has cast a long (and expensive) shadow.

By Jayshree P Upadhyay, Ira Dugal and Scott Murdoch MUMBAI (Reuters) -Indian regulators barred U.S. securities trading company Jane Street from the local market until further orders and seized $567 million of its funds,